Gregory Karp recently featured Allowance Manager, a client of Los Angeles-based tech and app public relations firm PMBC Group, in his column Spending Smart in the Chicago Tribune. In the article Karp offers six fundamental rules to raising financially literate children.
Nowadays parents’ worst fear is to have their kids grow up unaware of the value of money. In his article Karp quotes New York Times personal finance columnist Ron Lieber’s advice of confronting children’s questions about money head on by having conversations with them throughout their childhood instead of avoiding financial questions.
Karp’s six rules include giving an allowance and not tying it to chores to teach work ethic as well as delayed gratification and the difference between needs vs. wants. He says that parents should start giving allowance as soon as kids start learning basic math with a set plan of adding on to the allowance each year as kids get older. Karp believes the best way to organize allowances is to get children in the habit of using junior bank accounts or prepaid debit cards like Allowance Manager.
Allowance Manager is an app that allows parents to automate allowance payments and track their kids’ spending from any web-based device. The app is free to download on the App Store, and has an easy-to-use interface built for both parents and kids. It also encourages transparency with users as it allows for both parties to view the transactions from any web-based device. Dan Meader, CEO and founder of Allowance Manager, created the app to give his two sons the opportunity to develop an understanding of money at a young age. He believes that the best way to teach kids financial values is through firsthand experience.
To read the entire article please click here.